$150k starting salaries for ‘directionless kids’

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In case you needed any further confirmation that bright young graduates lured into investment banking earn vastly more than their peers - or that money doesn’t equal happiness – here’s a new report on 27 entry level roles and their pay.

A 22-year-old investment banker called ‘Lynn’, interviewed anonymously, says that total compensation comes in (at the upper end) at $150k. Yes, this is good, but when you compare it to what other fresh graduates are earning, it appears obscene. Fashion journalists are earning $22k, chemists earn $35k and even doctors are bringing in a relatively paltry $54k.

Does this mean that trainee investment bankers are basking in their new-found wealth. Not exactly. "No one I know in investment banking is really happy. It's something that smart but directionless kids looking for prestige or the stereotypical money-chasing kids do,” says Lynn

Compare this to the fashion reporter scraping by on just $22k: “I want to make my passion a reality and work in a career field that I truly love and want to work in for the rest of my life.”

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35-year-olds moving out of banking struggled to adapt to the new reality. This ex-trader can help.

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The Two Bosses Being Paid (Financial Times)

Jamie Dimon and James Gorman are both by far the best paid banking bosses, and both hold the dual chairman and CEO role at J.P. Morgan and Morgan Stanley respectively. Dimon received a hefty 134% pay rise, while Gorman got a 66% uplift. Most CEOs in banking received around 17% more.

Give Your Bonus Back (SEC)

The U.S. is implementing clawbacks! But only for executives

No MBA for the Buy-side Needed (Business Because)

More MBAs want to move into private equity, but fewer buy-side firms are requesting an MBA.

The Perfect Mix (WSJ)

The UK’s Financial Conduct Authority appears to be an example of diversity. It has a 50/50 gender split among its staff and just 36% are 25-34 years old. 34% are 35-44 and the ‘majority’ of heads of department are over 45.

No Defense (Bloomberg)

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American Beauty (Universum)

Business students want to work for US investment banks, but not European ones.

‘Hidden’ Talent (Business Insider)

James Gorman’s daughter has just released an album on Spotify. Her dad pushed it out to banker colleagues.

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